Bitget Hacker Reportedly Swaps Stolen ETH Into Bitcoin After $387.5M Exploit
The attacker behind the $387.5 million Bitget exploit has begun swapping stolen Ethereum into Bitcoin, according to data shared by Coin Bureau and blockchain analytics firm Lookonchain.
Lookonchain flagged transactions showing the attacker rotating ETH into BTC after the exploit. The movement adds another step to the handling of the stolen assets as Bitget works to restore normal platform operations.
Stolen ETH Moves Into Bitcoin
According to the information cited by Coin Bureau, the attacker has started converting portions of the stolen ETH into Bitcoin. Lookonchain identified the movement of funds onchain but did not establish in the cited post what the attacker ultimately intends to do with the Bitcoin.
Coin Bureau characterized the transactions as potentially indicating an effort to move the stolen funds into an asset that may be harder to freeze before further laundering attempts. That interpretation is an attributed assessment rather than an established explanation for the transactions.
The reported movements are part of the aftermath of the $387.5 million exploit involving Bitget. Blockchain transactions allow stolen cryptocurrency to be tracked publicly, although identifying the individuals or entities controlling the addresses involved can remain difficult.
Bitget Resumes Withdrawals in Phases
The reported fund movements come as Bitget begins resuming withdrawals in phases following the exploit.
According to the update cited by Coin Bureau, Bitget has said that users will be fully covered regardless of whether the stolen funds are ultimately recovered.
The exchange's stated commitment separates customer coverage from the outcome markets of efforts to recover the assets. The company did not, in the source material, provide a final recovery figure for the stolen cryptocurrency.
Blockchain Tracking Continues
The movement from ETH into BTC gives blockchain investigators additional transactions to monitor as they track the assets associated with the exploit.
Lookonchain's identification of the swaps provides onchain visibility into how the stolen cryptocurrency is being moved. However, the transactions alone do not establish what will happen to the funds next or whether the Bitcoin can ultimately be linked to any attempted cash-out or further transfer.
For Bitget users, the exchange's phased withdrawal restart and stated commitment to fully cover users remain the key operational developments identified in the update. The recovery status of the stolen assets remains a separate matter that can continue to be monitored through onchain activity.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
Check out other news and articles on Google News
Disclaimer:
The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.